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Home My WebLink AboutORD 40-EEAN ORDINANCE AN ORDINANCE AUTHORIZING AND DIRECTING THE PROPER OFFICIALS OF THE CITY OF BEAUMONT NAMED HEREIN TO FORTHWITH PREPARE AND EXECUTE AND TO NEGOTIATE AND DELIVER FROM TIME TO TIME, AS NECESSITIES REQUIRE, LEGAL AND BINDING OBLIGATIONS OF THE CITY OF BEAU-- MONT IN THE FORM OF DEFICIENCY WARRANTS, DESCRIBED IN SAID ORDINANCE, FOR THE PURPOSE OF DEFRAYING THE CURRENT EXPENSES FOR THE MAINTENANCE AND OPERATION OF THE GENERAL DEPARTMENT OF GOVERNMENT MENTIONED IN SAID ORDINANCE, FOR THE PAYMENT AND DISCHARGE OF SAID WARRANTS. WHEREAS, The City of Beaumont, pending the collection of the current tax revenues from all sources, being taxes for the year 1962, is without funds wherewith to pay its current obligations in- curring and to be incurred for. the operation of the General Depart- ment of the government, and in order to acquire funds wherewith to defray the current expenses of the General Department of the gov- ernment, pending the collection of said revenues, it is necessary that The City of Beaumont borrow money upon the faith and credit of said City, and to anticipate and pledge an equal portion of the current tax revenues of the City for the year 1962; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF BEAUMONT, TEXAS: Section 1. That Jack M..Moore, Mayor of The City of Beaumont, and his successors in office, be, and they are hereby, authorized to forth- with prepare, or have prepared, and to execute, together with the City Clerk, and to be countersigned by the City Manager, legal and binding obligations of The City of Beaumont, in the form of and evidenced by Deficiency Warrants, dated on the date or dates when negotiated, and delivered from time to time, as hereinafter provided, payable to "BEARERtt on demand, bearing not more than % inter- est from their date until paid, which said warrants shall be, and are hereby, secured by the legal and binding pledges and hypothe- cation of SEVEN HUNDRED AND FIFTY THOUSAND ($7$0,000.00) DOLLARS., of the current revenues: of The ,City of Beaumont for the year 1962, as applied to the General Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1962 for the operation of and application to the General De- partment of the City government; That said warrants shall be executed, negotiated and deliv" eyed as and when it is requisite, and necessary to raise money for payment of existing obligations and for defraying the current ex- penses for the operation of the General Department of the govern- ment, until such time as there shall have been collected sufficient moneys from the source above mentioned wherewith to pay off, dis- charge and retire such warrants, together with accrued interest thereon; And there is here and now appropriated and set aside out of the first moneys so to be collected a sufficient sum wherewith to pay off and discharge all of such deficiency warrants as may be so issued and negotiated to the then owners and holders thereof, pro- vided, however, the total.amount of such warrants of this issue shall not exceed SEVEN HUNDRED AND FIFTY THOUSAND ($750,000.00) DOLLARS; to wit: The said Deficiency Warrants shall be in the.following form, "THE STATE OF TEXAS Beaumont, Texas COUNTY OF JEFFERSON , 1962 On demand pay to the order of BEARER To the Director of Finance The City of Beaumont Mayor Countersigned: L'17 City Manager ATTEST: City Clerk t1This warrant is one of a series of several warrants authorized by the City Council of The City of Beau- mont by ordinance duly passed on the 7th day of August, A. D. 1962, and is payable out of the tax levies for the year 1962 and chargeable to the Gen- eral Department when collected. ttThis warrant bears interest at the rate of -not -more than per cent per annum from its date until paid,. tt The said Warrants shall be duly registered before being negotiated by the Director of Finance. 1962. PASSED by the City Council this %th day of August, A. D. - Mayor .- A O€ii..9i'IN11 INC.L' tetUT110kI Z ING AND DIRECTING THE PROPER OFFICIALS OF THE CITY OF ;;3EAUMONT NAMED ifERBIN TO FORTHWITH RIR.EPARB AND EXECUTE AND TO NEGOTIATE AND UELIVLP, FROM TDIE TO TIMRj AS NECESSITIES ;'JUIRB, LEGAL .ART) BINDING OBLIGATIOWS OF THE CITT OF B U- MOOT IN. lib F'LU-1 OF 1)1;Wj1C11`..`KCY V;.,`icWi Tjc- �3ESCi�iBETj IN EAID ORDISANCL, F01'. "SEE PURPOSE OF DLFR Y.TNG TIM CUIZitUT -. I:.11r 614SE+_S FOU T114; 1►iA INTUNI4 .+ CE MIND (iP:;RATIOR OF THE GSNERAL; DEPARTMENT, OF G.OVIRKKENT- MENTIONED IN�� ID C�ctDI iA . CE, FOR T 1E PAIVI NT, AND DISCHARGE OF. MID The City of Dea.umorit, pending.the collection of the current tax. revenues lf:rw, 611 source6, be3in 4;axes for the year 1961m, is without fmids wherewitEa to pay itog current obligations in- currinG and to be incurrod for tjie operation of the Call ral Dep.- merit of the go ve; ment, and in ordex, 'Go acquire funds wharewi-I#a to defray the current exj-3eZASeG Or the Generfil DepartMent of the goo ernaaaent, pending -the collection of said revanuei�, '-it is necessary that- The City of Beaumont borrow caoney upori the . aith and crc3it of zPaid city., and to niitiC:slMt-Cs 41171d Cz:U.Aj gjortjoj-j of t3ie current t&x revenucti of the City for the year 1962; {d01 Tel I2 i, 'situ;,• BEJ Ir� O LDA1111, L'� �,�SI,J LI�.C� 1�ii LDllilYl4'd6 T., na , 4 L, I Z" * That Jack M. MMove, Mayav of Vae City of I~>eawnont, ^nd ilia succestmrs in office, . bo., azid they ..re hereby) authorized to forth- with propare, or ha vz prepc_red, vmn ! to executes, together with the City Clerk., 7F d -to be COVI-Itcx`6ira�tcd by the City Manager, le ;al and -a o ali ;nt eEir ,a� t1ie City oi' _Sc:t.ea:i3oxnt, in the f0m, of xnd €:"`'!i4sP';nced %.',y De'.`t:3.C.:t4mc-,r WL,kxi.: a-nto, d atwl on "(:lae 'd£?k'ee or dates %'hen no�utiated, and delivered frora time to time, as hereinafter prov4desd, day-elb a to oil do-ri"an:JIL, llet X im-7 oo"� more 'rhnn inter- est i.rom their date mitij. perk i.+:d, Whicfi kai_d warrants be, timid t ve Hereby, aecured by. the .ie ;gal - and 1oindiai - j3:Ledr efa and IlypotrAc- c<ation of SLVEN 11INDItED AND FIFTY 07502000.00) DOLLARS, oZ the current revenues of The.'Clt- y of 'Beaumont for the year 1` 6.k, its iipplied. to the Ger.eral Fund, and said Deficiency Warrants to be paid and retired out of the first tax revenues collected for the year 1902 for they operation of and application to the General De- partment of the City government; Thi at said warrants, rtlh;,'ill be cx,ecutod, snepotiated a Ai? deliv- trod, as and when -it is . requisite and accessary to . raise money for payment: of existing obligations and for defraying the current ex- j ensea for tkie o :oration tjf the C.enoral ,')epartment of t1le goVern_ sweat, until such time as there shall have been 'collected sufficient moacys from the source above meak"coned wherewith to pay off, d.is- char *e and retire suc;F warrantor, woCel'.:h+ar with ,accrued iznterosw °a 9�tr'R'Qtiza; Aad thovo is hero z.nt:.. now a-,ppropri aced and set aside -, out of aaoneys so to be col lec;:e Le a 3ufficie nt suss wherewit!)_ to pay off'and send dixcharg. a all w: such deficiency warrants a s may be so :iestiod and negotiated to the then, omiers ;xnd holders thereof, -ro- V:i`,Dcdf however, the total. rs<oua t of sucix ivarrLuts of t :ic: ie~rzi-le, sh.A.l. not ,;xcecad SLVEN 11TI DAD" .d, A" -') FIFTY TY l 0USA ".i? to 1rit The said De:Ciclv�3eyT ;.'r:s�rti,nts w'�rE�ll he In U,e following, form, COUNTY OF JCFFEk 0:a � 1902 On. demprd rny to tyre order of To the Director of Finitneca The City of Gou�tere�3Cneti e City Mrtn-q��er Mayor A T` L L': rT ; .� City Clerk «4.. 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